Apple has launched its renowned Payment Gateway service namely Apple Pay in Russia on Tuesday this week further extending its global reach. Russia has become the 10th nation to be using this payment gateway this week.
Apple Pay- In Depth Analysis
Apple Pay is basically a payment software which comes under Apple Inc’s hood. The usage of this software is to make card less payments. The main usage of this software is there at public transport terminals that help users to buy coffee, train tickets and other services by just tapping on their iPhone as well as newly launched Apple Watches’ screen.
The mass user base of Apple Pay is in the United States with roughly $10.9 billion which is around Rs. 72,569 Crores of payments done last year in the country itself.
But even this much payments don’t make Apple Pay the most used payment gateway as in front of Alibaba and Tencent’s turnover it is nothing. Alibaba and Tencent both combined rule the world’s biggest mobile payments market with the estimated payments base of $1 trillion which is around 1 Lakh Crore rupees according to the research data of iResearch.
Seems like Apple is trying its hands on payment market as Apple Smartphone sales doesn’t seem to stop from declining even after the introduction of new iPhones. Apple’s share in US market is that big that for every 100$ spent in the United States Apple takes around 15 cents. But even this doesn’t means that Apple is on the “profitable” track with its Smartphones.
To save its boat from drowning Apple is not only targeting the Payment market but also is spending huge amount in R&D projects, at around $8 billion (roughly Rs. 53,266 crores) in 2013-15 itself Apple added some new and innovative products in its product catalogue including the Apple Watch and Apple Pay, as well as provided necessary upgrades to their existing devices as well as newly launcheed services.